The new Consumer Data Right (CDR) access model is part of the Government’s recent amendments to the CDR regulations in October 2021 to increase participation in Open Banking. It allows unrestricted accredited data recipients, with stringent security practices, like Adatree, to act as principal to other companies wanting to access data, with the other party becoming the ‘representative’.
The first business in Australia to be a CDR representative is Sherlok – an automated repricing and refinancing tool. Powered by AI technology, Sherlok helps brokers retain clients by monitoring clients’ interest rates against other lenders, identifying those at risk of leaving a broker, then refinancing their loans to a lower interest rate on behalf of the broker to improve customer retention.
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